The direct cost of President Donald Trump's trade war will be borne by American consumers and businesses—of that, there should no longer be much debate.
But trade wars also come with indirect costs and unforeseen consequences. Some of those show up on balance sheets in the form of lower profits, losses in the stock market, or stagnating wages. Some are best counted under the Christmas tree, where higher prices might mean fewer toys (as the president now admits) and other goodies that make life a little more joyful, as tariffs squeeze wallets and reduce discretionary income.
Others are trickier to sum up, but that doesn't mean they don't exist.
